Applying for certification as a lender or mobile trader

Certification of lenders and mobile traders

If your company is a provider of consumer credit (a lender), or a mobile trader selling on credit, you will soon need to be certified by the Commerce Commission to do so – unless already licensed by the Financial Markets Authority or Reserve Bank of New Zealand.

The certification requirement is one of a number of changes the Government has made to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) to provide greater protection to borrowers.

From 1 October 2021 entities registering to provide these services, must apply for certification that their directors and senior managers are ‘fit and proper’ persons to perform their roles, meaning they are financially sound, honest, reputable, reliable, and competent.

Businesses that are unable to satisfy this requirement will be unable to act as creditors in consumer credit contracts.

Providers already registered on the FSPR on 30 September will have until their next annual confirmation to obtain certification.

If you want to apply for certification before 30 September, you can apply now for certification through your FSPR dashboard.

Making an application for certification

...as a consumer credit contractor

To update your details on the register, follow these steps:

  1. Log in to your online services account using your RealMe® details.
  2. From the dashboard, use either the search options or the 'FSP registrations' tab to find and select the FSP you wish to hold the certification for.
  3. Select the 'Financial Services' tab then select 'Maintain Financial Services'.
  4. Select the service 'Creditor under a credit contract' and then select 'Consumer credit contract' or 'Consumer credit contract (prior to certification requirements)'. Please see Key dates and timings above for guidance.
  5. On the 'Declaration' tab, confirm that you’ve read and understood the declaration.
  6. Select the 'Review' tab, and check the information you've entered.
  7. Confirm that the details you’ve provided are true and correct.
  8. Click on 'Submit'.
Go to your dashboard

...as a mobile trader

To update your details on the register, follow these steps:

  1. Log in to your online services account using your RealMe® details.
  2. From the dashboard, use either the search options or the 'FSP registrations' tab to find and select the FSP you wish to hold the certification for.
  3. Select the 'Financial Services' tab then select 'Maintain Financial Services'.
  4. Select the service 'Mobile Trader'.
  5. On the 'Declaration' tab, confirm that you’ve read and understood the declaration.
  6. Select the 'Review' tab, and check the information you've entered.
  7. Confirm that the details you’ve provided are true and correct.
  8. Click on 'Submit'.
Go to your dashboard

What happens next?

Once you've selected a service that requires certification (as described above), we'll send you an email informing you how you can make the required payment and the application form you will need to complete.

Payment required

The payment amount is calculated based on the number of directors and senior managers requiring fit and proper person assessment.

Once you've made payment through the FSPR you will need to complete the application form (as emailed to you) for each individual director and senior manager that requires a fit and proper person assessment.

Commerce Commission Certification Application Form

This application form will ask for details about your business, including trading names and places of business, and details about your directors and senior managers (or proposed directors or senior managers), including their names, date of birth and a description of their roles.

This form needs to be filled in for each individual director and senior manager and emailed to certification@comcom.govt.nz .

The Commission will begin the assessment of the application once all the forms are received. If they approve your application, they will notify you and send details of your certification to the Registrar.

The FSPR will be updated to show which services you are certified to provide, and you will also receive an email to confirm this.

Need more information?

Last updated 18 June 2021

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